August 29 (SeeNews) - Power utility CEZ Distribution Bulgaria [BUL:3CZ], part of Czech energy group CEZ, said on Thursday that its consolidated net profit more than halved to 5.5 million levs ($3.1 million/2.8 million euro) in the first half of 2019 from 12.1 million levs in the comparable period of 2018, despite a rise in revenue.
CEZ Distribution Bulgaria's revenue grew to 181.9 million levs in the January-June period of 2019 from 176.4 million levs in the same period of 2018, the company said in an interim financial statement.
The power utility distributed 5,379,577 MWh of electricity during the period under review.
The company's expenses increased to 175.7 million levs in the review period from 163.0 million levs the year before, as transmission costs rose to 68.0 million levs from 61.2 million levs.
Amortisation costs also increased, to 40.8 million levs in the first six months of 2019, from 36.3 million levs in the first half of last year.
CEZ Distribution Bulgaria's assets amounted to 922.3 million levs at the end of June, up from 909.1 million levs a year earlier.
Earlier this year, financial and insurance group Eurohold Bulgaria [BUL:4EH] signed a deal to acquire the Bulgarian assets of Czech energy group CEZ, including a majority stake in CEZ Distribution Bulgaria, for 335 million euro. The deal is subject to approval from Bulgaria's competition regulator.
CEZ Distribution Bulgaria operates the power grid in the Sofia region and parts of western and northern Bulgaria.
As at 12:50 CET on Thursday, CEZ Distribution Bulgaria shares traded 2.83% higher at 218.0 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)